Real Estate Chapter 7 - 9

How long is the warranty for workmanship listed under Business Law 36-B....?

1 year

This is a Supreme Court case which concluded that 'separate is equal'___

1896 Plessy Vs Ferguson Seperate is eual

This Supreme Court case which concluded that 'separate is NOT equal'___

1954 Brown vs. Board of Education

The Department of Housing and Urban Development (HUD), was established in this year...?

1965

Fuse

A device used in electrical systems to protect against excessive current is known as what...?

Beam

A horizontal structural member that supports a floor is known as a___

Girder

A primary horizontal structural element, which is typically a deep beam in which smaller joists or beams frame into is known as___

Slab on Grade Construction

A structure which does not include a basement is typically built with what type of construction...?

Post and Beam construction

A type of construction in which the beams and joists are larger, allowing the floor to span longer than the typical 16" or 24" found in residential construction is known as what...?

In 1992, this Act was passed into federal law which protected handicapped persons...?

Americans with Disabilitys Act

appreciating market...?

BOffering prices increase CTime on market decreases DProperties move faster

The amount of heat energy needed to raise the temperature of one pound of water by one degree Fahrenheit is know as what...?

BTU

This refers to the massing or bulk of a building...?

Building Envelope

The 'safety valves' in an electrical system are known as what...?

Circuit Breaker

Which of the following Acts served as the beginning of the civil rights and fair housing laws...?

Civil Rights At of 1866

According to this federal law, all citizens were given the right to buy or lease real property...?

Civil Rights act of 1866

This is a federal law that prohibits all discrimination on the basis of race only___

Civil Rights act of 1866

This is a federal law that outlawed discrimination based on race, color, religion, sex, or national origin___

Civil Rights act of 1964

Footing

Concrete set in the soil (foundation bed) that supports the foundation of a house is known as a___

Footing Bed

Concrete set in the soil (foundation bed) that supports the foundation of a house is known as what...?

Indirect Cost

Costs that support a construction project, such as legal or architectural fees is known as___

Which of the following is NOT used in conducting a residential market analysis...?

Desired return on capital for investors

Joists

Horizontal timbers, beams or bars supporting a floor are known as___

Who is responsible for paying for the accommodations of handicapped persons in common areas of a building...?

Housing provider

A handicapped tenant living in a rental building needs grab bars to be installed in his bathroom in order to make the unit handicap accessible. Who should pay for the installation of the grab bars...?

Landlord

A property sold as part of a bankruptcy proceeding is most likely equal to what value...?

Liquidation Value

Header

Local horizontal structural elements used in wood framing to span doors and windows are known as___

This rule was adopted by the Secretary of State which prohibits any or all types of solicitation directed towards homeowners within a defined geographic area...?

NonSolicitation Order

Blueprint

Plan, section, and elevation drawings are included in which of the following...?

What is the formula used to determine value using the cost approach...?

Replacement Cost - Depreciation

Lally column

Rounded columns that serve as a structural post, which are typically found in basements and are made of steel or iron, are known as___

In this year, the Fair Housing Act was signed into law...

Signed into law in 1968. Was signed into federal law in 1988.

Bearing Walls

Structural walls that transfer building loads down to the foundation are known as___

Cease and desist lists or orders of non-solicitation lists can be found where...?

The NY dept of state finance

Market Price

The actual selling price of a property is referred to as what...?

Sill Plates

The bottom member of wood frame stud walls are known as what...?

Direct Cost

The cost of labor and materials is known as___

obsolescence

The loss of desirability and usefulness caused by new inventions, changes in design, and improved processes for production, or from the influence of external factors, is known as what...?

Market Value

The most probable price that a property should bring if exposed for sale in the open market for a reasonable period of time, with both the buyer and seller aware of current market conditions, neither being under duress is known as___

Foundation Walls

The part of the building structure, typically below grade, upon which all other construction is built is known as__

Blockbusting

The practice of inducing homeowners in a particular neighborhood to sell their homes quickly, often at below market prices, by creating the fear that the entry of a minority group or groups into the neighborhood will cause a precipitous decline in property values is known as___

Redlining

The refusal to lend money within a specific area is known as___

Investment Value

The specific value of an investment to a particular investor or class of investors based on individual investment requirements is known as what...?

Rafter

The structural member or beam that supports the roof, which spans from the exterior wall to the ridge board of the peak of the roof, is known as___

Cost

The total dollar expenditure for labor, materials, legal services, architectural design, financing, taxes during construction, interest, contractor's overhead and profit, and entrepreneurial overhead and profit is known as___

Insured Value

The value of an asset or asset group that is covered by an insurance policy is referred to as what...?

Studs

These members are used in interior wall construction to not only support the wall itself but to also provide a nailing surface for gypsum board...?

Jones Vs Mayor

This Supreme Court decision held that Congress could regulate the sale of private property in order to prevent racial discrimination...?

Fair Housing Act of 1968

This is a federal prohibition that protects a buyer/renter of a dwelling from seller/landlord discrimination with regards to race, color, religion, gender, national origin, familial status, or disability___

Market Value

This refers to the most probable price that a property should bring if exposed for sale in the open market for a reasonable period of time, with both the buyer and seller aware of current market conditions, neither being under duress...?

studs

Vertical framing members found in wall construction, which are typically placed 12", 16" or 24" on center, are known as___

Sheathing

What building element prevents rain from getting into the building...?

Buildling Permits

Which of the following are issued to attest that construction work will be built in accordance with the necessary building codes and regulations...?

Footing

Which of the following elements is found at the base of the foundation wall, below the frost line...?

Blockbusting

Which of the following illegal acts may lead to the decline in property values due to the creation of fear or panic of a minority group moving into a particular neighborhood...?

Liquidation value

Which of the following will most likely yield the lowest price for a property...?

Platform Construction

Wood frame construction commonly found in residential construction in which floors are supported by joists, beams, and bearing walls is known as what..

Why is a comparative market analysis (CMA) NOT considered an appraisal...?

a CMA doesn't estimate an evaluation.

Cease and desist lists and orders of non-solicitation help stop and/or prevent this illegal act...?

blockbusting

value in use

church / warehouse / school

Hard costs (labor and materials)

direct costs

An appraisal is used to determine the value in what

ll of the above BInvestment Value CLiquidation Value DInsurable Value

What is required in order to determine the market value of a property...?

reasonable exposure and marketing time

method for determining value

sale comparison approach, cost approach and income approach

Due to the fact that real estate operates in an inefficient market, price does NOT equal what...

value

When may the cost of construction exceed the price of a property...?

when the demand is low